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Canada trade deficit down in August

Christian Fernsby ▼ | October 7, 2020
Canada's trade deficit with the world narrowed slightly to 2.4 billion Canadian dollars in August from July's 2.5 billion Canadian dollars, Statistics Canada said Tuesday.
Canada street
Deficit down   Canada street
Canadian imports fell 1.2 percent and exports were down 1 percent in the month after two months of strong growth.

Topics: Canada

In August, total imports fell 1.2 percent to 47.4 billion Canadian dollars. It was 5.1 percent below the level in February, before the economic impacts of the coronavirus pandemic were felt.

Of the 11 product sections, six decreased. In real terms, imports edged down 0.5 percent.

The imports of aircraft and other transportation equipment and parts plummeted 25.3 percent, contributing the most to the decline in August.

Meanwhile, total exports decreased 1 percent to 44.9 billion Canadian dollars, 7 percent lower than pre-pandemic levels in February.

Out of 11 sectors, six fell in August. In real (or volume) terms, exports were down 1.4 percent.

The exports of motor vehicles and parts lost 6.8 percent to 7.5 billion Canadian dollars, due to decreased exports of passenger cars and light trucks, which plunged 9.5 percent.